Quote from: jaberwock on August 15, 2021, 06:15:40 PM

Quote from: jinneas on July 28, 2021, 01:55:33 AM

Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?

I don’t know if there is going to be any replacement at all. The way I am seeing things, the banks we are seeing now seem unlikely to be replaced by decentralized blockchain and cryptocurrency in future, except that they are both going to keep coexist, which to me seems good. Banks are already planning to create their own cryptocurrencies (CBDC), and the government is not going to let cryptocurrency take over, because that means they are losing. Banks are the like their control over finance, so they will fight to keep that.

I don't see any possibilities that blockchain will totally replace the traditional banking system as the government will definitely be opposing it. But i do believe that this blockchain and cryptocurrency has higher chances that they can be well integrated into the old banking system.

We are now in the digital age but seems the government is not ready yet to adopt the new innovation of blockchain but still give high consideration to the traditional one. Hopefully things will change in the future not for the benefit of the officials in the government but rather for the whole governance.